AN "international search" is currently underway to find a replacement for outgoing NBN Co chief Mike Quigley.

The company responsible for the government's controversial National Broadband Network - NBN Co - today put out a statement confirming its CEO Mike Quigley was resigning.

A spokesman for NBN Co told News Corp Australia Mr Quigley, who was on a plum salary of $2 million, will not receive a payout for his four years in service to the company.

"Notably he has never taken a bonus in his life," the spokesman said.

The spokesman said the company was now undergoing an extensive search to find the right replacement for Mr Quigley.

"There is an international search currently underway," he said.

"The board is consulting with Mr Quigley about his replacement."

Mr Quigley remarkably donated his first-year pay cheque when hired to run the $37.4 billion NBN project to aid research into brain diseases and stroke rehabilitation.

In a statement this morning NBN Co said Mr Quigley would retire from corporate life.

"NBN Co CEO Mike Quigley today announced that he will retire from corporate life after four years leading the team that is building and operating Australia's National Broadband Network," a statement read.

"He will continue to serve as CEO until the Board appoints a successor to oversee the next stage of the company's development."

Mr Quigley said he had only ever intended to serve as CEO to lay the foundations for the massive infrastructure project.

"That job is largely complete," he said.

"The role of the next CEO will be to build on these foundations. It is now critical that we further strengthen our partnerships across the construction and telecommunications industries, as we escalate the build of the network and work closely with our retail customers to ensure a smooth migration of families and businesses to the NBN."

Mr Quigley's retirement comes after former communications minister Stephen Conroy resigned his post in Cabinet after Kevin Rudd was returned as Prime Minister.

"Mr Quigley was the first employee of NBN Co and has overseen its development from the very beginning," a joint statement said.

"He was eager to join the project because he understood the importance of nation-building infrastructure that is essential for our nation's economic future.

"Mr Quigley can be tremendously proud of what he has achieved.

"On behalf of the Government and the Australian people, we wish to thank Mike Quigley for helping build the infrastructure Australia needs for the 21st century."

Mr Quigley's retirement also comes after a number of NBN sites were shut down because of asbestos contamination fears.

Under Mr Quigley's leadership of the NBN it has been plagued with a number of delays and cost blowouts.

The Coalition earlier this year claimed Labor's NBN would blow out in cost to $94 billion.

Newly elected Prime Minister Kevin Rudd is a keen champion of the NBN and spoke about its possibilities in his first speech after taking back the nation's top job.

The Coalition's Simon Birmingham said it was "little wonder" that Mr Quigley was departing in such a sudden manner.

"Like so much to do with the NBN this announcement is shrouded in secrecy and deception," Senator Birmingham said.

"Rumours of division between the NBN board and its CEO have been rife for some time.

"Mr Quigley's departure just months after the former minister refused to deny that he'd been involved in crisis talks regarding NBN management speaks volumes."

The Coalition in May indicated that Mr Quigley might be replaced as NBN Co CEO should they be elected into government at the upcoming federal election.

Opposition communications spokesman Mr Turnbull said: "I don't think (Mr Quigley) was the best choice for that role given the fact that he had never run a telecom company or built a telecommunications network, been responsible for building one; he had worked for a vendor".

"Certainly the performance of the NBN Co in its continuation of its construction project has not been very impressive, has it?"

Mr Quigley was reported to have had a tense relationship with NBN Co Chairman Siobhan McKenna.

In a statement today Ms McKenna said: "NBN Co has been fortunate to have Mike as Chief Executive over the past four years. His intellect, tenacity and knowledge of telecommunications products and network architecture have taken NBN Co from a policy vision to a successful operating entity".

"The Directors are proud of Mike's achievements and welcome his decision to remain in post to ensure a smooth transition to his successor."

Betting companies were already putting odds on who would be in line to take over from Mr Quigley just hours after his announcement.

Telstra's Greg Adcock and NBN Co Head of Corporate Kevin Brown remain favourites at $2.20 to $2.10 according to Sportsbet.com.au.

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